By Sheri Kasprzak
New York, April 6 - The city of Detroit priced $127.375 million in series 2009 revenue anticipation notes on Friday, according to an official statement.
The RANs (/SP-1+/) are due March 1, 2010. The notes bear interest at 5%, priced at 100.864 to yield 4%.
Morgan Stanley & Co. and Loop Capital Markets LLC were the lead managers.
Proceeds will be used to pay for operating expenses through the fiscal year ended June 30, 2009.
| Issuer: | City of Detroit
|
| Issue: | Series 2009 revenue anticipation notes
|
| Amount: | $127.375 million
|
| Type: | Negotiated
|
| Maturity: | March 1, 2010
|
| Coupon: | 5%
|
| Price: | 100.864
|
| Yield: | 4%
|
| Underwriters: | Morgan Stanley & Co. and Loop Capital Markets LLC
|
| Rating: | Standard & Poor's: SP-1+
|
| Pricing date: | April 3
|
| Settlement date: | April 8
|
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